Taken from the Huffington Post:

"The board voted after reviewing a report by the IOC program commission report that analyzed 39 criteria, including television ratings, ticket sales, anti-doping policy and global participation and popularity."

TV ratings = Joke. They have historically put wrestling on over night. I remember staying up LATE as a kid to watch the very limited coverage. It seems this past Olympics we had better coverage in the US I'd guess due to the viral effect of Jordan Burroughs. I wonder what other countries coverage is like?

Global participation = Joke. Of course you are going to have more people participate in the likes of some of the other "sports" already mentioned. If it's easier aren't more people going to participate?

Anti-doping policy. Isn't this consistent across all core sports?

The Russian vote that is upcoming is going to vote on what to add in place of wrestling. As if this doesn't hurt enough, I'm going to say that adding in a "new" sport along the lines of Cheese Rolling or Kickball is going to hurt a lot worse. Even adding tug-of-war requires more than some of these others!